FTX acquires FCA-licensed Japanese cryptocurrency exchange Liquid

FTX acquires Japan's FCA-Licensed crypto exchange Liquid in the deal to comply with Japanese laws, FTX's Japanese users will be moved to Quoine's trading platform. 

FTX acquires FCA-licensed Japanese cryptocurrency exchange Liquid

Sam Bankman Fried is the CEO of FTX declared that his company acquired Japanese crypto firm Liquid Group and its subsidiaries. 

FTX will acquire Quoine Corporation, a Financial Services Agency (FSA) approved crypto exchange. Quoine acquired a Type Financial instruments Business license under the Financial instruments and Exchange Act from the Japanese regulatory authorities.

The partnership will serve retail and institutional investors in the Japanese and global markets:

“Quoine will gradually integrate FTX's products and services into its offering, and FTX's existing Japanese customers will be migrated to Quoine's platform.”

The agreement also requires FTX to comply with Japanese laws while serving existing Japanese users on its platform. Based on this agreement. FTX will transfer its existing users from japan to Quoine's trading platform starting from March 30.

While the acquisition is expected to close in March 2022, the economic terms of the deal are yet to be disclosed. 

Read: FTX US raised $400M in funding round led by SoftBank, Temasek and others

last week FTX US has achieved an $8 valuation from SoftBank Group Corp-led funding of $400 million. 

FTX US president Brett Harrison had planned to redirect the funds to expand the crypto exchange's offering and a supporting workforce. FTX exchange as a whole stands at a $32 billion valuation. 

Falling crypto market, Bankman Fried remains bullish:

“I think we’re not entering a long-term crypto winter. There have been changes in expectations of interest rates, and that’s been moving crypto markets. But it’s been moving markets more generally as well.”

Read: FTX exchange ready to offer $1M prize for banks to accept stablecoin